Bank of North Carolina to acquire Randolph Bank & Trust

Randolph Bank & Trust Co., a commercial bank based in Asheboro, will merge with BNC Bancorp, the parent company of Bank of North Carolina, the two financial institutions announced Friday.

The merger is the latest for BNC Bancorp, a commercial bank with $2.9 billion in assets that most recently completed its acquisition of First Trust Bank of Charlotte in December. In Randolph Bank, BNC is adding a bank with $302 million in assets and branches in Asheboro, Burlington, Mebane and Randleman.

"The Randolph Bank management, board of directors and entire team share our principles and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to BNC," said Rick Callicutt, president of Bank of North Carolina.

Under the terms of the deal, Randolph Bank shareholders will receive cash or shares of BNC common stock equal to $10 per share, subject to certain collars, for an aggregate deal value of approximately $10.4 million. Eighty percent of the deal will be in common stock with the remainder in cash.

Randolph Bank's portfolio includes $168 million in loans and $270 million in deposits, which upon the deal closing, means BNC will have about $1 billion in loans and $1.5 billion in deposits in the Triad.

BNC's acquisitions in recent years have centered on North Carolina and South Carolina, and along with First Trust Bank, BNC has recently acquired Beach First National Bank in Myrtle Beach, S.C., Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, S.C., and KeySource Commercial Bank in Durham.

The deal is expected to close in the third quarter and is subject to regulatory approval and the approval of Randolph Bank & Trust. For the merger, BNC was advised by Banks Street Partners and Womble Carlyle Sandridge & Rice. Randolph Bank was advised by Sandler O'Neill + Partners and Wyrick Robbins Yates & Ponton.